证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中烟香港(6055.HK) 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 中烟香港：提升烟叶采购上限，加码区域布局 [Table_ReportDate] 2026 年 1 月 29 日 [Table_S 事件：公司近日发布公告。 ummary] 1）签订与 Leaf Trading（关联公司）的烟草销 售框架协议，26-28 年年度交易上限分别为 670/840/980 万港元；2）与中 烟国际（北美）签订烟叶产品出口至新地区的框架协议（公司及中烟北美均 为中国烟草总公司附属公司），并上调年度交易上 ...

智通财经APP讯，中烟香港(06055)发布公告，于2026年1月27日，本公司与Leaf Trading订立Leaf Trading 烟草销售框架协议，内容有关本公司向Leaf Trading销售烟叶类产品。 基于本公司于烟叶类产品销售及出口业务的发展，以及国际市场对本公司供应的烟叶类产品需求，预期 除 Alliance One集团外，Pyxus位于全球各国或地区的其他联系人(如Leaf Trading)亦将向本公司采购烟叶 类产品，用作本身生产需要，或转售予全球终端客户。本集团相信，与Leaf Trading订立Leaf Trading烟 草销售框架协议有助本集团未来进一步发展业务，通过满足全球市场对烟叶类产品的海外需求为本集团 带来额外收入，此乃符合本集团业务及商业目标的重要举措。 ...

中烟香港(06055)发布公告，于2026年1月27日，本公司与Leaf Trading订立Leaf Trading烟草销售框架协 议，内容有关本公司向Leaf Trading销售烟叶类产品。 基于本公司于烟叶类产品销售及出口业务的发展，以及国际市场对本公司供应的烟叶类产品需求，预期 除Alliance One集团外，Pyxus位于全球各国或地区的其他联系人(如Leaf Trading)亦将向本公司采购烟叶 类产品，用作本身生产需要，或转售予全球终端客户。本集团相信，与Leaf Trading订立Leaf Trading烟 草销售框架协议有助本集团未来进一步发展业务，通过满足全球市场对烟叶类产品的海外需求为本集团 带来额外收入，此乃符合本集团业务及商业目标的重要举措。 ...

公司与Alliance One集团在烟叶类产品销售交易方面已建立长期稳定的出口业务关系。基于公司于烟叶 类产品销售及出口业务的发展，以及国际市场对公司供应的烟叶类产品需求，预期除Alliance One集团 外，Pyxus位于全球各国或地区其他联系人(如LeafTrading)亦将向公司采购烟叶类产品，用作本身生产 需要，或转售予全球终端客户。集团相信，与Leaf Trading订立LeafTrading烟草销售框架协议有助集团 未来进一步发展业务，通过满足全球市场对烟叶类产品的海外需求为集团带来额外收入，此乃符合集团 业务及商业目标的重要举措。 格隆汇1月27日丨中烟香港(06055.HK)公告，于2026年1月27日，公司与Leaf Trading订立Leaf Trading烟 草销售框架协议，内容有关公司向Leaf Trading销售烟叶类产品。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中煙國際（香港）有限公司 China Tobacco International (HK) Company Limited （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：6055） 持續關連交易 煙葉類產品出口至新地區框架協議之年度上限修訂 茲提述內容有關煙葉類產品出口至新地區框架協議項下擬進行之持續關連交易之公告。 於2026年1月27日，本公司與作為相關賣方的中煙國際（北美）訂立煙葉類產品出口至新 地區框架協議，並擬據此上調煙葉類產品出口至新地區框架協議項下擬進行的持續關 連交易截至2026年12月31日止年度及截至2027年11月26日止期間的現有年度上限。 各賣方（包括中煙國際（北美））均為中國煙草總公司的附屬公司。於本公告日期，中國 煙草總公司繼而透過其直接全資附屬公司中煙國際集團持有本公司已發行股本總額約 72.29%，且為本公司的最終控股股東。因此，各賣方（包括中煙國 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 LEAF TRADING煙草銷售框架協議 於2026年1月27日，本公司與Leaf Trading訂立Leaf Trading煙草銷售框架協議，內容有關 本公司向Leaf Trading銷售煙葉類產品。 於本公告日期，中煙巴西為本公司的全資附屬公司，而CBT為本公司的非全資附屬公司， 並由本公司（透過中煙巴西）及Alliance One Brazil（Pyxus的間接全資附屬公司）分別擁有 51%及49%股權。於本公告日期，Leaf Trading為Pyxus的間接全資附屬公司。因此，Leaf Trading為本公司於附屬公司層面的關連人士，而Leaf Trading煙草銷售框架協議及其項 下的交易構成上市規則第14A章項下本公司的持續關連交易。 由於煙草銷售框架協議及CBT煙 草 銷 售 框 架 協 議（經2025年 延 長 協 議 修 訂）各 自 由 Alliance One集團與本集團訂立，而本集 ...

Core Viewpoint - China Tobacco Hong Kong is positioned as the exclusive operational entity within the China Tobacco system, focusing on international business expansion and capital market operations, with a long-term outlook for integrating quality overseas assets and pursuing external acquisition opportunities [1] Group 1: Business Operations - The Chinese tobacco industry operates under a governance system that generates significant revenue, with an expected total industry tax and profit of 16,008 billion yuan in 2024, accounting for 7% of fiscal revenue [1] - The company has exclusive rights to import and export tobacco leaves, with a pricing model that includes a regular import markup of 6% and export procurement price reductions of 1%-4% [2] - The company operates duty-free shops in Thailand and Singapore, covering over 200 duty-free and taxable retail points, with a pricing strategy that includes markups of 1%-5% [2] Group 2: Financial Performance - The company is projected to achieve a revenue and net profit compound annual growth rate (CAGR) of 10% and 12% respectively from 2016 to 2024, indicating a trend of operational growth [1] - The Brazilian business segment has shown significant growth, with revenue increasing from 315 million HKD in 2021 to 1.05 billion HKD in 2024, reflecting a CAGR of 49.4% [3] Group 3: Strategic Development - The company is expected to benefit from the global trend towards new tobacco products, with ongoing efforts to expand its market presence in Southeast Asia, the Russian region, the Middle East, and Europe [3] - The company has signed procurement agreements with various industrial companies in China, focusing on the sale of heated-not-burn (HNB) products to retailers outside of China [3] - The company aims to align its growth strategy with that of international tobacco giants like Philip Morris International, indicating a broad growth potential [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [13][14]. Core Insights - The company is the only publicly listed entity within the China Tobacco system, tasked with the mission of "international business expansion and capital market operations" [9][18]. - The company has a unique business model with stable operations and strong profit margins, benefiting from exclusive rights in its operations [10][31]. - The company has significant potential for both organic growth and external acquisitions, with a vast reserve of overseas assets within the China Tobacco system [9][10]. Summary by Sections Business Overview - The company operates as the core platform for overseas capital operations and international business expansion within the China Tobacco system [9][18]. - It is expected to integrate high-quality overseas assets from the China Tobacco system and actively seek external acquisition targets to enhance its growth [9][10]. Financial Performance - From 2016 to 2024, the company's revenue and net profit are projected to grow at CAGRs of 10% and 12%, respectively, indicating a stable upward trend in operations [9][10]. - The company has a light asset model with high return on equity (ROE), primarily relying on inventory and receivables, with fixed assets valued at less than 100 million HKD [10][35]. Tobacco Leaf Business - The company has exclusive rights to import and export tobacco leaves, with a projected CAGR of 11% for its import business from 2018 to 2024 [57]. - The pricing model for imported tobacco leaves is based on a fixed markup, typically around 6% [57]. Cigarette Export Business - The company operates in duty-free shops across two countries (Thailand and Singapore) and has a dual model of self-operated and wholesale sales, covering over 200 duty-free outlets [10][31]. - The long-term growth of the cigarette export business is expected to be driven by an increase in self-operated sales, product category expansion, and growth in taxable channels [10][31]. Global Development - The company is positioned to benefit from the global trend towards new tobacco products, with ongoing efforts to expand its market presence in Southeast Asia, Eastern Europe, and the Middle East [12][31]. - The company has already seen significant growth in its Brazilian operations, with revenue increasing from 315 million HKD in 2021 to 1.05 billion HKD in 2024, reflecting a CAGR of 49.4% [11][12]. New Tobacco Products - The company is actively developing its new tobacco product export business, focusing on heated non-combustible products, with plans to expand into various international markets [12][31]. - The long-term outlook for this segment is positive, contingent on the introduction of competitive new tobacco products by local industrial companies [12][31].

每经AI快讯，中烟香港(06055.HK)一度涨近10%，截至发稿涨8.93%，报39.76港元，成交额2.52亿港 元。 ...

Core Viewpoint - China Tobacco Hong Kong (06055) has seen a nearly 10% increase in stock price, currently up 8.93% at HKD 39.76, with a trading volume of HKD 252 million, following the release of new electronic cigarette industry policies by the National Tobacco Monopoly Administration [1] Group 1: Industry Policy Impact - The new policy emphasizes the separation of heated tobacco products and electronic cigarettes, indicating potential changes in the new tobacco industry [1] - Analysts from Changjiang Securities highlight the possibility of domestic heated non-combustible (HNB) products being launched, which could support the continued high-quality development of the China Tobacco system [1] Group 2: Company Strategy and Future Outlook - Huazhong Securities notes that China Tobacco Hong Kong serves as the designated platform for overseas capital market operations and international business expansion for China Tobacco, aligning with its global strategy [1] - There is potential for China Tobacco International to consolidate more import and export operations within China Tobacco Hong Kong, as well as to integrate overseas assets from local tobacco companies into the listed company for unified international expansion [1] - The company aims to enhance market share and product penetration by acquiring suppliers of tobacco leaf products, promising cigarette brands with growth potential, valuable new tobacco product brands, proprietary technologies, and quality wholesalers and sales channels [1]